Booming in construction and auto sales driving dies and molds demand in India

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Booming in construction and auto sales driving dies and molds demand in India

Booming in construction and auto sales driving dies and molds demand in India

Articles
Jan 29,25

Automation is increasingly being adopted in the die-casting process to enhance efficiency and reduce production costs, according to the Technavio report.

Booming in construction and auto sales driving dies and molds demand in India

Increasing demand for automotive components, SUVs, and other machinery is propelling the demand for dies and molds significantly in India. Rapid tooling systems, such as automotive mould and tyre mould, are also gaining popularity due to their quick turnaround time and cost-effectiveness. According to Technavio, the Indian dies and molds market size is estimated to grow by $ 2.47 billion at a CAGR of 10.87 per cent between 2023 and 2028.

The dies and molds market supports industries through a range of products like soft clay dies, plastic injection molds, blow molds, and metal stamping dies. These tools are crucial for producing components across industries such as automotive, construction, and electricals. Advances in rapid tooling systems and cost-effective manufacturing processes are expected to sustain market growth.

The demand for innovative and efficient solutions, such as rapid tooling systems and aluminium Metal Injection Molding (MIM), along with substantial investments in manufacturing and construction sectors, positions the India dies and molds market for robust growth during the forecast period.

Market dynamics

The market comprises various products used across industries for manufacturing components, including plastic injection molds, blow molds, fiberglass molds, cold heading dies, and extrusion dies. These molds and dies are essential for producing components from materials like plastics, metals, and composites. The market caters to diverse industries such as plastics, automotive, electrical, and machine tools. Key materials include steel, carbon, chromium, and high-speed steel.

The increasing production of automotive components, electrical appliances, and machinery drives the demand for dies and molds. Structural steel usage in construction has surged due to technological advancements. Factors like reliability, durability, and safety make steel essential in constructing residential buildings, high-rises, schools, and multi-level parking structures.

Demand drivers

In terms of application, the casting segment is expected to witness significant growth. The manufacturing sector, a key contributor to economic growth, is driving demand for industrial castings. Investments by the Indian government to develop the manufacturing sector are expected to further boost this segment. Additionally, the construction industry, supported by government projects, fuels demand for dies and molds.

Major end-users driving the demand are automotive, construction, electronics, and machine tools sectors. The Indian automotive industry, driven by factors like a young population, low-cost skilled manpower, and digital innovation, is a key contributor. Prominent market players such as Suzuki and Honda continue to boost demand for locally manufactured automotive components, driving market growth.

Novel technologies

Aluminium MIM is an innovative manufacturing process that enables the production of complex, precise, and intricately designed parts with excellent surface finishes. This method involves injecting molten aluminium into molds under high pressure, resulting in components with superior strength and dimensional accuracy. Automation is increasingly being adopted in the die-casting process to enhance efficiency and reduce production costs. By minimizing downtime and enabling continuous machine operations, automation improves productivity. The construction industry's growing demand for lightweight, high-strength, and corrosion-resistant aluminium components further boosts opportunities for MIM manufacturers.

Similarly, simulation technology has revolutionised the casting process by enabling manufacturers to evaluate and optimise casting scenarios before production. This reduces costs, time, and errors associated with traditional trial-and-error methods. Simulation is used extensively to detect defects, improve casting geometry, and optimise tooling processes, ensuring higher-quality outcomes.

The adoption of CNC machines and automation has enhanced efficiency and product quality in manufacturing. However, a lack of skilled professionals capable of operating advanced machinery hinders market growth. Addressing this skills gap is crucial to ensuring sustained growth in the industry.

Courtesy: Technavio